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Gold descends slightly in Asia

On Wednesday, gold drifted lower during Asia trade, with expectations growing for a Fed rate lift by the end of the year.

In New York, December delivery gold futures sagged 0.09%, trading at $1,315.25 per troy ounce. As for September delivery silver futures, they tumbled 0.04%, hitting $18.570 per troy ounce, while copper futures ascended 0.10% being worth $2.079 a pound.

Overnight, gold prices were under pressure during North American hours on Tuesday.

Aside from that, traders are looking ahead to Friday’s nonfarm payrolls report for further clues on the timing of the upcoming American rate lift. The consensus forecast is that the data will unveil jobs growth of 180,000 in August, following a surge of 255,000 in the preceding month.

In an interview with Bloomberg TV earlier in the day, Stanley Fischer, Fed Vice Chairman told that the US job market is almost at full strength and the pace of interest rate hikes by the US major bank will depend on how well the American economy is doing.

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